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Commissioner of Income Tax, Delhi-XI v. M/S. Aero Club: Validity of Best Judgment Assessment and Ad-Hoc Profit Estimation in the Absence of Books of Account under the Income Tax Act, 1961
Facts of the Case
The
assessee-respondent firm was engaged in manufacturing and trading footwear
under the brand names "WOODLAND" and "WOODS".
A
survey operation under Section 133A conducted ...
Commissioner of Income Tax vs [Assessee Name] – Delhi High Court Dismisses Income Tax Appeals Due to Low Tax Effect | ITA No. 1468/2010 & ITA No. 1609/2010
Facts of the
CaseThe Revenue preferred appeals before the Delhi High
Court against the order passed by the Income Tax Appellate Tribunal. During the
hearing, the Court observed that the tax effect involved in the appe...
Commissioner of Income Tax vs. Samtel Color Limited (2011) – Section 68 Income Tax Act | Public Deposits, Unexplained Cash Credits & Assessee's Initial Onus Discharged
Facts of the CaseSamtel Color Limited, a public limited company, received
public deposits amounting to approximately ₹2.61 crores during Assessment Year
1997-98. During assessment proceedings, the Assessing Officer q...
Commissioner of Income Tax vs Assessee – Rectification under Section 154 for Deduction Computation under Sections 80HHC and 80IB | Delhi High Court
Facts of the CaseThe Assessing Officer originally allowed deductions claimed by
the assessee under both Section 80HHC and Section 80IB of the
Income Tax Act.Subsequently, the Assessing Officer invoked Section 154
and ...
Director of Income Tax, New Delhi vs. LG Cable Ltd. | Offshore Supply Under Composite Turnkey Contracts: When Does Income Accrue Outside India Under Section 9(1)(i) of the Income Tax Act, 1961?
Facts of the Case
The
respondent-assessee, M/s LG Cable Ltd. ("LGCL"), is a South
Korean company.
LGCL
was awarded two separate contracts by the Power Grid Corporation of India
Limited ...
Director of Income Tax vs. Brahamputra Capital Financial Services Ltd. | Interest on NPA Not Taxable on Accrual Basis for NBFCs under RBI Prudential Norms | Delhi High Court
Facts of the Case
The assessee, Brahamputra Capital Financial Services Ltd.,
was a registered Non-Banking Financial Company (NBFC).
The assessee had advanced interest-bearing loans aggregating to
approxim...
Director of Income Tax vs Brahmaputra Capital Financial Services Ltd. (2011) – Taxability of Interest on Non-Performing Assets (NPA) of NBFC under Section 5 of the Income Tax Act | Delhi High Court
Facts of the CaseThe assessee, Brahmaputra Capital Financial
Services Ltd., a Non-Banking Financial Company (NBFC), had advanced loans
amounting to approximately ₹13.58 crores to certain group concerns. These loans
...
M/S Lotus Trans Travels P. Ltd. vs. Commissioner of Income Tax: Whether Interest on Short-Term Bank Deposits of Foreign Exchange Advances is Eligible for Income Tax Deduction Under Section 80HHD as Profits Derived from Services Provided to Foreign Tourists
Facts of the Case
The
appellant, M/S Lotus Trans Travels P. Ltd., is a private limited company
operating as a tour operator approved by the Department of Tourism under
Section 80HHD of the Income-Tax ...
Mohit Singh v. Assistant Commissioner of Income Tax & Another | Interest on Delayed Refund of Seized Cash under Sections 132 & 132B of the Income Tax Act, 1961 | Delhi High Court
Facts of the Case
A
search and seizure operation was conducted at the residential premises of
the petitioner under Section 132 of the Income Tax Act, 1961.
During
the search, cash amounting to ₹17...
Commissioner of Income Tax Versus M/s. Oswal Agro Mills Ltd.: Law on Allowability of Depreciation under Section 32 of the Income Tax Act, 1961 on a Closed or Non-Functional Manufacturing Unit and the Legal Impermissibility of Segregating Individual Assets Forming Part of an Active Block of Assets under Section 2(11) and Section 43(6)
Facts of the CaseThe respondent-assessee (M/s. Oswal Agro Mills Ltd. / Oswal
Chemicals & Fertilizers Ltd.) claimed a depreciation amount of ₹9.31 Crores
on various assets for the Assessment Year 1998-99. This cla...